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Shleifer, Andrei - 1987

also suggests a theory of managerial behavior, in which hiring and entrenching trustworthy managers enables shareholders to …

Persistent link: https://www.econbiz.de/10012476726

Asiaphoria Meets Regression to the Mean

Pritchett, Lant - 2014

substantially shift towards Asia and especially towards the Asian Giants, China and India. While such forecasts may pan out, there … are substantial reasons that China and India may grow much less rapidly than is currently anticipated. Most importantly … discontinuities account for a large fraction of the variation in growth rates. We suggest that salient characteristics of China …

Persistent link: https://www.econbiz.de/10012458092

A Contagious Malady? Open Economy Dimensions of Secular Stagnation

Eggertsson, Gauti B. - 2016

Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of...

Persistent link: https://www.econbiz.de/10012456376

Secular Stagnation in the Open Economy

Eggertsson, Gauti B. - 2016

Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - now characterize much of the global economy. We consider a simple two-country textbook model to examine how capital markets transmit secular stagnation and to study policy externalities...

Persistent link: https://www.econbiz.de/10012456503

Policymaking for Posterity

Summers, Lawrence H. - 2008

Policymaking for posterity involves current decisions with distant consequences. Contrary to conventional prescriptions, we conclude that the greater wealth of future generations may strengthen the case for preserving environmental amenities; lower discount rates should be applied to the far...

Persistent link: https://www.econbiz.de/10012464288

A Calculation of the Social Returns to Innovation

Jones, Benjamin F. - 2020

This paper estimates the social returns to investments in innovation. The disparate spillovers associated with innovation, including imitation, business stealing, and intertemporal spillovers, have made calculations of the social returns difficult. Here we provide an economy-wide calculation...

Persistent link: https://www.econbiz.de/10012481167

Equipment Investment and Economic Growth

De Long, J. Bradford - 1990

Using data from the United Nations Comparison Project and the Penn World Table, we find that machinery and equipment …

Persistent link: https://www.econbiz.de/10012475518

Speculative Dynamics and the Role of Feedback Traders

Cutler, David M. - 1990

This paper summarizes our earlier research documenting the characteristic speculative dynamics of many asset markets and suggests a framework for understanding them. Our model incorporates "feedback traders," traders whose demand is based on the history of past returns rather than the...

Persistent link: https://www.econbiz.de/10012475794

Speculative Dynamics

Cutler, David M. - 1990

This paper presents evidence on the characteristic speculative dynamics of a wide range of asset returns. It highlights three stylized facts. First, returns tend to be positively serially correlated at high frequency. Second, returns tend to be negatively serially correlated over long horizons....

Persistent link: https://www.econbiz.de/10012475795

Consumption Growth Parallels Income Growth : Some New Evidence

Carroll, Chris - 1989

This paper argues that the versions of both permanent income and life-cycle theories which have recently become fashionable are inconsistent with the grossest features of cross-country and cross-section data on consumption and income. There is clear evidence that consumption and income growth...

Persistent link: https://www.econbiz.de/10012475955